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US federal budget deficit reaches $98 billion

IANS     August 13, 2013
US treasury department figures have revealed that the government recorded a budget deficit of $97.6 billion in July.

The US government raked in a revenue of $200 billion last month, and reported outlays of $297.6 billion in the same month, Xinhua reported on Tuesday.

The budget gap, for the first 10 months of the current financial year that began last October, totalled about $607 billion -  narrowing from the $974 billion deficit witnessed in the same period of 2011-12.

Due to the ballooning entitlement spending, waning government revenue, and massive spending on wars in Iraq and Afghanistan, the US government's budget deficit has surpassed $1 trillion for four consecutive years.

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